Fewer foreclosures, boost to home builders and buyers
Posted on Wednesday, July 10, 2013 at 11:40:27 AM
New research by CoreLogic has been released, detailing the number of foreclosures in May. The statistics highlighted a decline from the same time last year.
Residential and home improvement financing have helped property owners afford and maintain their homes.
In total, foreclosures have declined by 27 percent, to only 52,000 homes. This was improved from the close to 1 million homes reported for 2012, according to Forbes magazine.
This decrease has coincided with a rise in stocks for home builders, and home sales also were strong for May.
The National Association of Realtors reported that the number of existing home sales, including single family, townhomes, condos, and co-ops, increased 4.2 percent to an annual rate of 5.18 million. That is up from the 4.97 million in April, and is more than 12 percent higher than the same time last year.
According to Forbes magazine, the number homes in the shadow inventory, comprised of seriously delinquent properties and real estate owned by mortgage servicers, has declined as well, said Anand Nallathambi, CEO of CoreLogic.
Homes like those are frequently foreclosed upon. The positive numbers are a good sign for homeowners, and more are using residential and home improvement financing well, both buying homes and making changes affordably and responsibly.